Targa Resources Corp. (NYSE: TRGP) revealed a Bakken asset sale on Feb. 19 set to bring in $1.6 billion in cash earmarked to reduce the Houston-based company’s debt and fund capital needs in the North Dakota shale play.

The sale is comprised of a 45% stake in Targa Badlands LLC, which operates oil and gas gathering and processing assets located in the Bakken and Three Forks shale plays within the Williston Basin of North Dakota.

Funds managed by Blackstone Group LP (NYSE: BX) and its credit investment arm GSO Capital Partners agreed to jointly acquire the Targa Badlands stake. Meanwhile, Targa will maintain operatorship and governance rights in Badlands.

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